Question

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Answer 1

Answer:

: Production mainly aims at producing goods and services that we want. REQUIREMENTS FOR PRODUCTION: 1)Human capital;the knowledge and enterprise of human is needed to put together land,labour, and physical produce an output.

Explanation:

Answer 2

Aim of Production :-The aim of production is to produce the goods and services to generate wealth that we want for ourselves.There are four requirements needed for the production of goods and services which are land, labour, capital and Human Capital or Entrepreneur.

Requirement of Production:-

1)Human capital;the knowledge and enterprise of human is needed to put together land,labour, and physical produce an output.

1)Human capital;the knowledge and enterprise of human is needed to put together land,labour, and physical produce an output.2)Labour;these are people who carry out work for production,they include skilled and semiskilled labour where skilled labours perform the necessary tasks while semiskilled perform does manual work.

1)Human capital;the knowledge and enterprise of human is needed to put together land,labour, and physical produce an output.2)Labour;these are people who carry out work for production,they include skilled and semiskilled labour where skilled labours perform the necessary tasks while semiskilled perform does manual work.3)Land and other natural resources such as water,forest,and minerals.

1)Human capital;the knowledge and enterprise of human is needed to put together land,labour, and physical produce an output.2)Labour;these are people who carry out work for production,they include skilled and semiskilled labour where skilled labours perform the necessary tasks while semiskilled perform does manual work.3)Land and other natural resources such as water,forest,and minerals.4)Physical capital;these are the variety of inputs required at every stage during production.